Month: April 2012

In 1991, Nani Palkhivala called the Income-tax Act “a national disgrace” because of its “maddening instability“. He expressed anguish at the “pathological change mania” that had gripped the Finance Ministry which caused it to make repeated and mindless amendments to the Law. He also expressed disappointment with the Indian public who endured injustice and unfairness with “feudalistic servility” and “fatalistic resignation“. 20 years later and in the wake of the storm that the proposed retrospective amendments in the Finance Bill 2012 have caused, it is finally time for the Government and the Nation to pay attention to what he was saying